ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The following discussion contains "forward-looking statements." Statements
that are not historical in nature are forward-looking statements. OneBeacon
cannot promise that its expectations in such forward-looking statements will
turn out to be correct. OneBeacon's actual results could be materially different
from and worse than its expectations. See "Forward-Looking Statements" on
page 74 for specific important factors that could cause actual results to differ
materially from those contained in forward-looking statements.
Book Value Per Share
The following table presents our book value per share: